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The Real Deal NYC

Manhattan’s luxury market recorded 26 contracts last week: Olshan

Manhattan’s luxury market recorded 26 contracts at $4 million and above last week, according to Olshan Realty’s weekly market report. And for the third time this year, a townhouse took the top spot. The six-story townhouse at 46 East 65th Street – once home to famed composer Franz Waxman – went into contract with an asking price of $14 million, according to Olshan. That’s roughly 38 percent below the $22.5 million the property had been […]

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New 245 Park owner will have to spend big to modernize 1960s-era tower

Whoever buys HNA Group’s 245 Park Avenue will have to invest hundreds of millions of dollars in order to modernize the 1960s-era trophy tower and attract new tenants. With tenants like Major League Baseball moving to Sixth Avenue, CoStar data show a new owner will be facing vacancies of roughly 13 percent, according to Bloomberg News. And the building’s largest tenant, JPMorgan – which occupies 40 percent of the tower – is constructing a new […]

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Architecture review: NYC’s alien spaceship makes landing at 130 William

From the March issue: There are architects, there are starchitects and then there is David Adjaye, for whom the term “rock starchitect” may need to be invoked. The telegenic Bjarke Ingels may be his only rival for the title. A native of Ghana who moved to England when he was 9, Adjaye was recently knighted by Queen Elizabeth II. He was also named one of Time magazine’s 100 Most Influential people of 2017. And that fairy dust is […]

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These were the top outer borough real estate loans in February

Large loan origination in the outer boroughs slowed down slightly in February. While January saw two loans for $300 million or more and the overall top 10 financings of the month had a value of more than $1.3 billion, no loan topped $250 million in February, and the top 10 financings totaled $1.1 billion. The largest deal of the month was $246 million loan from New York Community Bank to Clipper Realty, followed by a […]

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Chill out: San Fran’s only got “elevated risk of bubble activity”

Housing prices have been riding sky-high for six years, but a recent downward trend has some wondering whether it’s the beginning of the end for San Francisco’s strong resi market. Median sales prices topped out after the fourth quarter of 2017 with single-family homes going for $1.5 million on average and condos and lofts at just over $1 million, according to Mansion Global. But experts say the tick down is not a concern. The key […]

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How to solve New York’s “dire” public housing system

Up for a DIY project or two? New York has 176,000 units of public housing that need repairs to the tune of an estimated $25 billion and tenants and NYCHA feel they may have a solution: privatization. As the blame-game continues between the federal Department of Housing and Urban Development and the city over who will pay for the repairs and maintenance, many are tenants, advocates and Obama-era officials are in favor of NYCHA handing […]

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O’Hare $8.5B expansion is ready for takeoff

After a deal between Chicago officials and American Airlines was finally reached last week, the airport expansion is ready to go. The $8.5 billion price tag is planned to help Chicago compete with global airports like those in Dubai and Japan, as well as domestic competition including Atlanta and Los Angeles airports, according to MarketWatch. Other American airports have spent a combined $18 billion on their renovations over the past 20 years by way of […]

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The first victim if Toronto’s housing market crashes? McMansions

Some view the existence of McMansions as categorically bad architecture, but, whether deemed tasteful or not in the eye of the beholder, they will likely be the hardest hit if the city’s bubble bursts. The verdict comes from Canada Mortgage and Housing Corporation’s deputy chief economist, Aled ab Iorwerth, who told the Financial Times, that detached, well-located homes are already seeing pricing drops due to a string of cooling measures banks and government has introduced […]

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An UES eviction saga between fashion and design legends finally ends

Two legendary figures have been fighting over a 3,000-square-foot triplex for close to three decades and, finally, one of them gave up. Marianne Nestor–the secret wife of late fashion designer Oleg Cassini, who was engaged to Grace Kelly and styled Jacqueline Kennedy Onassis while she was First Lady–and her sister Peggy wanted to convert the five-story building at 15 East 63rd St. into one mansion, but one tenant refused to leave: the venerable interior designer […]

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Inside Jon Gray’s ascent at Blackstone

Jonathan Gray is known for making big bets and being kind of a nice guy. It’s a winning combination that his colleagues say is the reason as he’s now next in line to lead Blackstone Group after a recent promotion, according to Bloomberg. As his former boss, Thomas Saylak, put it; Gray is that guy “you want your daughter to bring home when she’s going on dates, somebody you trust with your money, and somebody […]

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